Finance ministers from Europe's 20-country single currency area are to choose the next Eurogroup chief today, as the EU weighs a tough decision on using frozen Russian assets to aid Ukraine.
Belgium's Vincent Van Peteghem and Greece's Kyriakos Pierrakakis are running to replace former Irish finance minister Paschal Donohoe.
Mr Donohoe resigned in a surprise move from the head of the powerful panel of euro zone finance ministers to take up the second most senior position in the World Bank, as Managing Director and Chief Knowledge Officer.
Tánaiste Simon Harris will travel to Brussels today for a two-day visit that includes meetings of the Economic and Financial Affairs Council (ECOFIN) and the Eurogroup.
Kyriakos Pierrakakis, 42, has been in charge of Greece's finances since March, after earlier stints as minister of digital governance and education.
Vincen Van Peteghem, 45, a staunch advocate for fiscal consolidation in a country with one of the worst debt ratios in the euro zone, has looked after Belgium's financial matters since 2020, serving in two successive coalition governments.
His candidacy comes as Belgium strongly opposes a European Commission plan to tap around €200 billion of Russian central bank assets frozen in the bloc for a loan for Ukraine to help it fend off Russia's invasion.
Most of the money is held by Brussels-based clearing house Euroclear.
The Belgian government has voiced fears of potential financial and legal reprisals from Moscow -- and warned the move could knock confidence in the broader eurozone economy.
Russia row on agenda
The issue will be on the table as the European Union's 27 finance ministers meet for dinner talks later today, after the Eurogroup leadership vote, which requires a simple majority.
Van Peteghem and Pierrakakis threw their hats in the ring after 51-year-old Donohoe announced on November 20 that he was stepping down, having only been re-elected in July for a two-and-a-half-year term.
The Eurogroup chief carries weight in policymaking, and Donohoe counted among the most influential voices in Brussels, alongside EU chief Ursula von der Leyen and European Council President Antonio Costa.
Created in 1997, the body coordinates the economic and budgetary policies of the 20 countries of the eurozone, which will soon number 21, as Bulgaria prepares to adopt the single currency on January 1.
Today will also see the Eurogroup officially launch the nomination process for the post of European Central Bank (ECB) vice-president.
Spaniard Luis de Guindos, the incumbent, is due to end his term at the Frankfurt-based institution in May next year.
While in Brussels, Mr Harris will hold a bilateral meeting with EU Commissioner Valdis Dombrovskis, who has responsibility for the Economy and Productivity.
He will also meet with the President of the European Investment Bank (EIB) Nadia Calvino, to discuss key objectives set out in Ireland's National Development Plan (NDP), including large scale strategic infrastructure projects.
